CEO of Crypto, forex site pleads guilty in $248Mln fraud case – Department of Justice. WASHINGTON (UrduPoint News / Sputnik – February 11, 2023) Eddy
CEO of Crypto, forex site pleads guilty in $248Mln fraud case – Department of Justice.
WASHINGTON (UrduPoint News / Sputnik – February 11, 2023) Eddy Alexander, the CEO of cryptocurrency and forex site MiniFX, pleaded guilty in a $248 million investor fraud case, the US Justice Department said in a statement.
The Justice Department said Friday that Alexandre solicited more than $248 million in investments from thousands of investors after making false representations in connection with MiniFX.
“Eddie Alexandre admitted today to luring investors into his cryptocurrency investment scam by producing weekly returns of at least 5%. In fact, Alexandre failed to invest a substantial portion of this investors’ money and made personal purchases. Also used some funds for
Millions of dollars were lost to investors due to Alexandre’s scam,” US Attorney Damien Williams said in the statement.
Williams said the case should serve as a reminder to crypto authorities that the Southern District of New York is watching closely and is prepared to prosecute any misconduct in the cryptocurrency market.
The statement said Alexandre pleaded guilty to one count of commodity fraud and agreed to pay $248,829,276.73 in forfeiture as well as restitution of an amount to be specified by the court.
The offense of commodity fraud can carry a maximum jail term of 10 years, the statement said. The court is set to determine sentencing in July, the statement said.
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